President Donald Trump signed a major Dodd-Frank rollback into law Thursday, hoping to bring regulatory relief to community banks across the U.S. The president explained Dodd-Frank’s costly regulations gave large banks a negative advantage at the cost of small banks throughout the country. Click the headline to read more.

Items Tagged with 'U.S. Bancorp'

ARTICLES

On Friday, the Federal Reserve Board announced another $35.1 million in civil penalties against five banks as part of its effort to terminate enforcement actions, issued in 2011 and 2012, against a total of 10 banks related to residential mortgage loan servicing and foreclosure processing.

Late last month, after President Donald Trump signed the tax reform bill into law, several large financial institutions announced that they planned to raise employee wages and make other investments thanks to the law reducing the corporate tax rate from 35% to 21%. On Tuesday, U.S. Bank became the latest bank to take similar action.

In its third-quarter report, U.S. Bancorp saw record highs in net revenue, net income and diluted earnings per share. But despite the record-setting earnings report, noninterest income posted an annual loss of 0.9% driven by losses in mortgage banking revenue.

U.S. Bancorp reported its first quarter of earnings which came in lower than the fourth quarter of 2016. However, revenues were up from last year. Mortgage banking revenue dropped more than 13% from last quarter, but remained significantly higher than last year.

After working for the bank since 1985, Andrew Cecere will presume the role as the new CEO. He will take over for his mentor Richard Davis, who led the bank as CEO for the past 10 years. Here’s more about the transition, and what Davis will do next.

U.S. Bancorp produced mixed results in their fourth quarter, but that did not prevent the company from setting a record year in 2016. The company’s net interest income also showed growth not just for the year, but also in the fourth quarter.

U.S. Bancorp reported earnings which were slightly above last year and above expectations for this year. While mortgage refinancing drove the earnings for the third quarter, the bank is still facing headwinds in other areas.

In its new consumer satisfaction survey, U.S. Bancorp found that Millennials struggling with debt are worried about their ability to save up for a home. This despite numerous low-downpayment loans now available in the market.

Lehman Brothers Holdings filed suit against Syncora Holdings, U.S. Bancorp and GreenPoint Mortgage Funding in an effort to try to get “duplicate” claims filed by those three companies against Lehman Brothers thrown out because Lehman Brothers is ready to settle and move on.

This month inHousingWire magazine

He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.

Feature

One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.

Commentary

Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind? Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.